Letting off steam
Some air comes out of government-bond markets
MOST people who care about such things were probably surprised when the yield on ten-year bonds issued by the Japanese government fell to less than 0.5%, the lowest in recorded history. Perhaps they were also surprised that ten-year American Treasury bonds should have yielded 3.1%—not in quite the same league, but lower than since Elvis was a tot.
This article appeared in the Finance & economics section of the print edition under the headline “Letting off steam”
From the July 12th 2003 edition
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